The New York Knicks have pulled back ahead of the Los Angeles Lakers to top Forbes’ annual ranking of the most valuable NBA teams.

The Knicks rose 41 percent in value to $1.1 billion, thanks largely to the ongoing renovation of Madison Square Garden, which led to more suite sales, ads and sponsorships, Forbes Senior Editor Kurt Badenhausen told The Post.

The overhaul resulted in the Knicks leading the league in revenue with $243 million.

The Lakers fell to No. 2 and are valued at $1 billion, up a more modest 11 percent. Last year, the Lakers were ahead of the Knicks because of a lucrative cable rights deals the team signed with Time Warner Cable.

Besides the new arena, the Knicks sold the most NBA merchandise, showing that fan support is growing, Badenhausen said.

Teams on average this year gained 30 percent in value due to the league’s new collective bargaining agreement.

The Brooklyn Nets — boosted by the move from New Jersey — are valued at $530 million, up 48 percent.

Badenhausen said the Nets may not make money this year, when considering the $30 million-plus annual pilot payments its owners pay for the new stadium.

But revenue will rise significantly from $84 million last year to what sources project could reach $140 million.